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Posts Tagged ‘Japanese bank buying $10B of Uber shares’

Uber’s Competition Gets Tougher as New Investors Join Company

Kalanick selling shares for $1.4B to SoftBank.

by on Jan.08, 2018

Former Uber CEO Travis Kalanick is selling $1.4 billion in Uber stock to Japan's SoftBank.

Didi Chuxing Technology Co., China’s dominant ride-hailing company, which recently raised more than $4 billion in fresh capital, is increasing its presence in South America with the acquisition of Brazil’s top ride-sharing service, increasing the pressure on its principle rival, Uber, which continues to face legal challenges on all sides.

Meanwhile, reports indicated that Travis Kalanick, Uber’s founder and former CEO, is preparing to sell 29% of his stake as part of deal with Japan’s SoftBank. The deal could net Kalanick, who was forced to leave his post as CEO last year, an estimated $1.4 billion from the deal. Kalanick still owns 10% of Uber’s stock.

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Also selling Uber shares is Benchmark, a venture capital firm, which is reportedly moving 15% of its holdings worth about $900 million. Both Kalanick and Benchmark will retain seats on the Uber board, according to reports. (more…)